Happy Forgings surrenders Rs 15 cr black money

Tribune News Service

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Ludhiana, September 1

A leading and technologically advanced auto component manufacturer Happy Forgings Private Limited, Kanganwal, where officials of the Income Tax Department recently conducted araid, surrendered anunaccounted income ofRs 15 crore.

Raid was also conducted on a hotel group, including Hotel Maharaja Regency and Kothari Resorts. The hotel group has not surrendered any money and further investigations will be carried by the department soon.

During the raids on August 27, a total of 11 bank lockers were sealed by the department.

Raids were conductedon the directions of principal director, Income Tax (Investigations), Parneet Sachdev.